Manchester Airports Group today sold its majority stake in Humberside Airport for £2.3m, a fraction of the sum it paid to buy it in 1999.

The 82.7 per cent shareholding has been bought by the Eastern Group, which operates the Eastern Airways airline and has its headquarters at Humberside Airport.

MAG bought Humberside for £10m and has since invested £7m there, but decided to sell it following a review of its assets.

Charlie Cornish, chief executive of MAG, which also operates Manchester, East Midlands and Bournemouth Airports, said: “MAG has believed for some time that the best long-term operational model for Humberside Airport was with a new owner that could focus on taking the business forward into the next phase of its development.

“The Eastern Group specialises in aviation-related activities and we are delighted that our former colleagues at the airport will now have a new owner who can concentrate on developing the business.”

Humberside carried 275,000 passengers last year, down from 300,000 in 2010.

Its activities include scheduled and charter passenger flights, as well as freight services.

It is also home to the second-largest airport-based heliport, serving the North Sea offshore industry, aircraft maintenance, pilot training and other niche sectors.

Neither MAG nor Eastern disclosed the value of the deal. However, details of the £2.3m price tag were included in the minutes of the most recent meeting of Bolton council's cabinet, on the back of the the transaction being given the green light by Greater Manchester's 10 local authorities, which are MAG's shareholders.

It stated Humberside is forecast to post underlying pre-tax profits of £100,000 for the year to March 31. It has a £6.6m pension deficit.

MAG's latest annual report states the amount of income received per passenger passing through Humberside stood at £11.30, down from £12.20 two years earlier.

North Lincolnshire council will retain its 17.3 per cent stake in the airport.

Bryan Huxford, chairman of Eastern Group, said: “The airport has potential for growth, and under the present airport management team, supported by Eastern Group, will develop in accordance with the business plan already in place.”

In April 2008, MAG began an eight-month review of its shareholding in Humberside

Airport, but it was retained within the group’s portfolio, partly because of a worsening economic climate.

A corporate finance team at Manchester law firm Pannone advised MAG on the sale. Partner Steven Grant led the team, which included Tom Hall, Harriet Sutherland, Amy Chandler and Victoria Dolan.